Hmm.  The "new company" thing is kind of vague; including whether Mr Voorhees has any stake in it.  Given the numbers below I think it's almost certain he is getting such a stake.  But ignoring that for now and assuming he doesn't....

Let's guess that Erik holds 80% of shares, IPO was 10%, others unknown own the remaining 10% of which some was subsequently sold publicly.

The way I read this is that Erik has willingly cashed out 80% for 0.00126 per share, when it was trading above 0.0020 per share in the open market.  Let's assume he's compensated the whole 20%, not just the publicly traded part, as disclosed above.

He receives 80m * 0.00126 = 101,052 BTC.  However he's paying out a premium (ignoring minor refunds he mentions in his post) 20m * .00223685 or 44,737 BTC.

So he's pocketing only 56,315 BTC net for 80m shares, or 0.00070394 BTC per share.

This is clearly ridiculous, even given tough competition like Just Dice, given that he could undoubtedly successfully offer another 20m shares at say 0.002 BTC each given the market price (40k BTC total) and still be left with 60m.

So this looks to me like 2 things: a) an opportunity to reduce his stake, given the lack of focus and increasingly tough competition, and b) at the same time retain significant, but substantially reduced, interest via a stake in the "new company".

Shareholders should consider themselves lucky, I really doubt it would have ever reached something like 0.0035 BTC again on the open market.